Notice2025-20528
Self-Regulatory Organizations; Investors Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Certain Displayed Liquidity Adding Rebate Tiers
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Published
November 21, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 223 (Friday, November 21, 2025)</title>
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[Federal Register Volume 90, Number 223 (Friday, November 21, 2025)]
[Notices]
[Pages 52740-52744]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-20528]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-104207; File No. SR-IEX-2025-26]
Self-Regulatory Organizations; Investors Exchange LLC; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Amend
Certain Displayed Liquidity Adding Rebate Tiers
November 18, 2025.
Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby
given that, on September 30, 2025, the Investors Exchange LLC (``IEX''
or the ``Exchange'') filed with the Securities and Exchange Commission
(the ``Commission'') the proposed rule change as described in Items I,
II and III below, which Items have been prepared by the self-regulatory
organization. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 15 U.S.C. 78a.
\3\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
Pursuant to the provisions of Section 19(b)(1) under the Securities
Exchange Act of 1934 (``Act''),\4\ and Rule 19b-4 thereunder,\5\
Investors Exchange LLC (``IEX'' or ``Exchange'') is filing with the
Securities and Exchange Commission (``Commission'') a proposed rule
change to amend the Exchange's fee schedule applicable to Members \6\
(the ``Fee Schedule'' \7\) pursuant to IEX Rule 15.110(a) and (c) to
introduce certain minimum quoting requirements for Exchange Traded
Products (``ETPs'') as an additional means of qualifying for two of its
Displayed Liquidity Adding Rebate Tiers for executions priced at or
[[Page 52741]]
above $1.00 per share. Changes to the Fee Schedule pursuant to this
proposal are effective upon filing,\8\ and will be operative on October
1, 2025.
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\4\ 15 U.S.C. 78s(b)(1).
\5\ 17 CFR 240.19b-4.
\6\ See IEX Rule 1.160(s).
\7\ See Investors Exchange Fee Schedule, available at <a href="https://www.iexexchange.io/resources/trading/fee-schedule">https://www.iexexchange.io/resources/trading/fee-schedule</a>.
\8\ 15 U.S.C. 78s(b)(3)(A)(ii).
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The text of the proposed rule change is available at the Exchange's
website at <a href="https://www.iexexchange.io/resources/regulation/rule-filings">https://www.iexexchange.io/resources/regulation/rule-filings</a>
and at the principal office of the Exchange.
II. Self-Regulatory Organization's Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the self-regulatory organization
included statements concerning the purpose of and basis for the
proposed rule change and discussed any comments it received on the
proposed rule change. The text of these statements may be examined at
the places specified in Item IV below. The self-regulatory organization
has prepared summaries, set forth in Sections A, B, and C below, of the
most significant aspects of such statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to modify the Transaction Fees section of its
Fee Schedule, pursuant to IEX Rule 15.110(a) and (c), to introduce an
additional way to qualify for two of its Displayed Liquidity Adding
Rebate Tiers for executions priced at or above $1.00. Specifically, the
Exchange proposes to incorporate certain minimum quoting requirements
for ETPs \9\ as an additional eligibility basis for two of the rebate
tiers, as described below. Notably, IEX is not proposing to change the
amounts of any rebates or fees, the existing volume-based methods in
which Members may qualify for rebates, or the overall tiering pricing
structure in the Transaction Fees section of the Fee Schedule.
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\9\ The term ``ETPs'' includes any security traded on the
Exchange, under unlisted trading privileges pursuant to Rule 19b-
4(e) of the Act, as a UTP Derivative Security pursuant to IEX Rule
16.160.
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As reflected in footnote 4 in the Transaction Fees section of the
Fee Schedule, the Exchange currently offers Members seven Displayed
Liquidity Adding Rebate tiers. The two tiers that are the subject of
this proposal are Displayed Liquidity Adding Rebate Tier 3 (``Tier 3'')
and Displayed Liquidity Adding Rebate Tier 4 (``Tier 4''):
<bullet> Tier 3: provides Member a rebate of $0.0014 per share
for all added displayed liquidity if the Member either: adds at
least 3,000,000 ADV \10\ of displayed liquidity and less than
10,000,000 ADV of displayed liquidity; or trades at least 10,000,000
non-displayed ADV.
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\10\ ``ADV'' means average daily volume calculated as the number
of shares added or removed (as applicable) that execute at or above
$1.00 per share, per day. ADV is calculated on a monthly basis. See
Fee Schedule, supra note 7, Definitions.
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<bullet> Tier 4: provides Member a rebate of $0.0016 per share
for all added displayed liquidity if the Member adds at least
10,000,000 ADV of displayed liquidity and less than 15,000,000 ADV
of displayed liquidity.
The Exchange proposes to modify Tiers 3 and 4 to add an additional
means of qualifying for the rebate tiers. Specifically, the Exchange
proposes to extend the Tier 3 and Tier 4 pricing incentives to Members
that meet certain minimum quoting requirements in at least 250 ETPs (to
qualify for Tier 3) or 750 ETPs (to qualify for Tier 4). If a Member
qualifies for Tiers 3 or 4 through the specified quoting requirements,
the associated rebates will be applied to the Member's transactions in
the same manner as they currently are: to the Member's executions of
displayed liquidity adding orders priced at or above $1.00 per share.
The proposed changes are designed to encourage Members to improve
displayed liquidity and promote order flow on the Exchange by quoting
at the NBB \11\ or the NBO \12\ in at least 250 ETPs for a significant
part of the day. The Exchange believes the proposed changes will
improve market quality in ETPs and more generally on the Exchange by
increasing quoting competition and displayed liquidity, and potentially
narrowing spreads in a targeted manner, which will benefit the Exchange
and all market participants.
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\11\ See IEX Rule 1.160(u).
\12\ See IEX Rule 1.160(u).
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To reflect the additional eligibility criteria for Tier 3, IEX
proposes to amend the Fee Schedule's Base Rates table to update the
description and fees associated with Base Fee Code ``ML'' (``Add
displayed liquidity''). As amended, the Base Rates table will continue
to list seven base rates for Fee Code ``ML,'' but the description of
the base rate paid for a Member who adds at least 3,000,000 ADV of
displayed liquidity and less than 10,000,000 ADV of displayed
liquidity; or trades at least 10,000,000 non-displayed ADV will state
that a Member also can qualify for that base rate if it has an ``NBBO
Time'' (a new term discussed in detail below) of at least 50% in at
least 250 ETPs. Similarly, IEX proposes to update the description of
Tier 3 in Footnote 4 to the Transaction Fees section. As proposed,
Footnote 4 will be amended to reflect that a Member can also qualify
for Tier 3 if it has an NBBO Time of at least 50% in at least 250 ETPs.
In addition, IEX proposes to amend the Base Rate table such that
the description of the base rate paid for Fee Code ``ML'' for a Member
who adds at least 10,000,000 ADV of displayed liquidity and less than
15,000,000 ADV of displayed liquidity will state that a Member also can
qualify for that base rate if it has an NBBO Time of at least 50% in at
least 750 ETPs. Similarly, IEX proposes to update the description of
Tier 4 in Footnote 4 to the Transaction Fees section. As proposed,
Footnote 4 will be amended to reflect that a Member can also qualify
for Tier 4 if it has an NBBO Time of at least 50% in at least 750 ETPs.
As proposed, to qualify for Tier 3 or 4 rebates based on ETP
quoting, a Member must enter displayed trading interest (i.e., at least
one displayed order or quote of at least one round lot size \13\) at
either the NBB or the NBO (the ``NBBO Time'' requirement) for at least
50% of time during regular market hours \14\ in at least 250 ETPs (for
Tier 3) or 750 ETPs (for Tier 4) on average per day during the month.
To calculate NBBO Time, the Exchange will add a Member's percentage of
regular market hours quoting on the NBB (``Percent Time at NBB'') to
that Member's percentage of regular market hours quoting on the NBO
(``Percent Time at NBO'').
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\13\ See IEX Rule 11.180(a).
\14\ See IEX Rule 1.160(gg).
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The Exchange proposes to remove the term ``Percent Time at NBBO''
from the Supplemental Market Quality (``SMQ'') Program section of the
Fee Schedule to avoid potential confusion from using a similar term
that is, in substance, different from the proposed ``NBBO Time.'' \15\
The Exchange proposes to add the following terms to the Definitions
\16\ in the Transaction Fees section of the Fee Schedule:
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\15\ Concurrently with this rule filing, the Exchange is filing
a proposed rule change regarding the SMQ Program that incorporates
the term NBBO Time and proposes other related changes to the SMQ
Program. See SR-IEX-2025-27.
\16\ As discussed below, the Exchange also proposes to rename
the ``Definitions and Information'' section to ``Definitions.''
<bullet> ``Percent Time at NBB'' means the aggregate of the
percentage of time during Regular Market Hours where a Member has a
displayed order of at least one round lot at the national best bid
(``NBB'').
<bullet> ``Percent Time at NBO'' means the aggregate of the
percentage of time during Regular Market Hours where a Member has a
displayed order of at least one round lot at the national best offer
(``NBO'').
[[Page 52742]]
<bullet> ``NBBO Time'' means the Member's Percent Time at NBB
plus the Member's Percent Time at NBO.
For added clarity as to how the Exchange will count a Member's time
at either the NBB or NBO, the Exchange proposes to include the
following example in a bullet point following the definition of NBBO
Time:
<bullet> For example, for a particular security, if a Member's
Percent Time at NBB is 25% and Percent Time at NBO is 15%, its NBBO
Time would be 40%. Alternatively, if a Member's Percent Time at NBB
is 20% and concurrently, the Member's Percent Time at NBO is also
20%, then that Member's NBBO Time would be 40%.
On a daily basis, the Exchange will calculate the number of ETPs
for which each Member's NBBO Time meets the threshold criteria. At the
end of the month, the Exchange will calculate the monthly average of
the Member's qualified ETP quoting activity. If a Member has an NBBO
Time of at least 50% in at least 250 ETPs during the month, the Member
will qualify for Tier 3, and receive a $0.0014 per share rebate for all
displayed liquidity adding trades that execute at or above $1.00. And
if a Member has an NBBO Time of at least 50% in at least 750 ETPs
during the month, the Member will qualify for Tier 4, and receive a
$0.0016 per share rebate for all displayed liquidity adding trades that
execute at or above $1.00. The Exchange proposes to explain this
calculation by adding a new ``Notes'' subheading under the Definitions
and Information subheading in the Transaction Fees section of the Fee
Schedule, and adding the following bullet point:
Unless otherwise specified, for any tiers that include NBBO Time
as a required criteria (for example, the Displayed Liquidity Adding
Rebate Tiers in footnote 4 and the Supplemental Market Quality
Program), on a daily basis, the Exchange will determine the number
of securities in which a Member meets the threshold value (set forth
in the tier) for NBBO Time for that day. At the end of the month,
the Exchange will take the average (rounded to the nearest whole
number) of the number of securities in which a Member's NBBO Time
was at least the threshold value set forth in the applicable tier.
As proposed, the NBBO Time calculation will exclude days with
system disruptions that last for more than 60 minutes and days with
scheduled early closes when determining the numerator and the
denominator. An Exchange system disruption may occur, for example,
where a certain group of securities traded on the Exchange is
unavailable for trading due to an Exchange system issue. Similarly, the
Exchange may be able to perform certain functions with respect to
accepting and processing orders, but may have a failure in another
significant process, such as routing to other market centers, that
would lead Members that rely on such process to avoid utilizing the
Exchange until the Exchange's entire system was operational. The
Exchange believes that these types of Exchange system disruptions could
preclude Members from participating on the Exchange to the same extent
that they might have otherwise participated on such days, and thus, the
Exchange believes it is appropriate to exclude such days when
determining a Member's NBBO Time to avoid penalizing Members that might
otherwise have met the applicable rebate tier requirements. For similar
reasons, the Exchange believes it is appropriate to exclude trading
days with scheduled early closes, because the shorter trading days are
likely to result in a lower daily quoting activity for each Member. The
Exchange notes that excluding system disruption days and trading days
with scheduled early closes is consistent with the methodologies used
by other exchanges that offer incentive payments for quoting activity
on the Exchange.\17\
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\17\ See Securities Exchange Act Release No. 94929 (May 17,
2022), 87 FR 31269, at 31270 (May 23, 2022) (SR-PEARL-2022-21) (rule
filing establishing a Market Quality program based on minimum
quoting requirements across a specified number of securities with
similar exclusions).
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The Exchange will allow Members to aggregate their NBBO Time with
other Members with which they are affiliated,\18\ if Members provide
prior notice to the Exchange. As proposed, to the extent that two or
more affiliated companies maintain separate memberships with the
Exchange and can demonstrate their affiliation by showing they control,
are controlled by, or are under common control with each other, the
Exchange would permit such Members to aggregate their NBBO Time.
Members will be responsible for having proper internal documentation in
their books and records substantiating that the two or more Members
seeking to aggregate their NBBO Time are affiliates of one another. IEX
notes that this grouping of Member affiliates is consistent with how
IEX allows Member affiliates to group their trading activity to qualify
for IEX's Displayed Liquidity Adding Rebate Tiers and for the SMQ
Program.
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\18\ As defined in Rule 12b-2 under the Act, 17 CFR 240.12b-2.
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As described above, the Exchange proposes to introduce a new
``Notes'' subheading under the ``Definitions and Information''
subheading of the Transaction Fees section of the Fee Schedule to
incorporate the exclusions described above and other relevant
information. Specifically, the Exchange proposes to revise the
``Definitions and Information'' subheading to separate it into two
distinct subheadings, ``Definitions'' and ``Notes.'' The Exchange
proposes moving the first and fourth bullet points that currently
appear under the definition of ``ADV,'' to below the new ``Notes''
subheading. These bullet points describe the exclusions the Exchange
currently applies to determining a Member's ADV and are identical to
the exclusions that the Exchange will apply to determining a Member's
NBBO Time, as described above. The Exchange thus proposes to make
conforming language to make clear that the exclusions apply to the
calculation of ADV, as well as the calculations of Percent Time at NBB
and Percent Time at NBO.
Additionally, the Exchange proposes to move the bullet describing
the manner in which Members may aggregate their ADV with other Members
from the Definitions subheading to the Notes subheading, and updating
the text to reflect that the aggregation with affiliates is available
for purposes of calculating ADV, as well as for calculating Percent
Time at NBB and Percent Time at NBO. Thus, the first three bullets of
the Notes section will read as follows:
<bullet> The Exchange excludes from its calculation of ADV,
Percent Time at NBB, and Percent Time at NBO:
[cir] Any trading day that the Exchange's system experiences a
disruption that lasts for more than 60 minutes during Regular Market
Hours; and
[cir] Any day with a scheduled early market close.
<bullet> The Exchange excludes from its calculation of Percent
Time at NBB and Percent Time at NBO any portion of Regular Market
Hours when a security is subject to a trading halt or pause.
<bullet> With prior notice to the Exchange, a Member may
aggregate ADV, Percent Time at NBB, and Percent Time at NBO with
other Members with which the Member is affiliated pursuant to Rule
12b-2 under the Act.
These proposed ETP quoting incentives will be open to all Members
and will not impose any two-sided quotation obligations on any Member
seeking to qualify for Tiers 3 and 4. In fact, as described above, the
quoting incentives reward Members for time spent quoting at either the
NBB or the NBO by adding the Percent Time at NBB to the Percent Time at
NBO to calculate the NBBO Time. Accordingly, these additional criteria
for qualifying for rebates under Tiers 3 and 4 are designed
[[Page 52743]]
to attract liquidity from any firm that is willing to provide liquidity
at the NBB or NBO in any ETPs.
The Exchange notes that the proposed ETP quoting incentives are
similar to MEMX's Displayed Liquidity Incentive Tiers, which pay
rebates to Members that quote at least 25% or 50% of trading hours in
an average of at least 500 or 1,000 securities during the month.\19\
The ETP quoting incentives proposed herein are also similar to the
Exchange's Supplemental Market Quality (``SMQ'') Program which pays an
incentive fee to Members that meet specified thresholds for certain
minimum quoting requirements in the ``SMQ Securities'' designated by
the Exchange.\20\ Furthermore, this model of offering quote-based
rebates is consistent with similar rebates offered by competitor
exchanges.\21\
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\19\ See MEMX Fee Schedule, <a href="https://info.memxtrading.com/equities-trading-resources/us-equities-fee-schedule/">https://info.memxtrading.com/equities-trading-resources/us-equities-fee-schedule/</a>.
\20\ See SR-IEX-2025-27 for certain changes the Exchange is
proposing to make to the SMQ.
\21\ See, e.g., MIAX Pearl's Market Quality Tiers, available at
<a href="https://www.miaxglobal.com/sites/default/files/fee_schedule-files/MIAX_Pearl_Equities_Fee_Schedule_08012025.pdf">https://www.miaxglobal.com/sites/default/files/fee_schedule-files/MIAX_Pearl_Equities_Fee_Schedule_08012025.pdf</a>, which provide
enhanced rebates for executions of Added Displayed Volume for
members who meet certain minimum quoting requirements in a specified
number of securities; and Cboe BZX's Liquidity Management Program,
available at <a href="https://www.cboe.com/us/equities/membership/fee_schedule/bzx/">https://www.cboe.com/us/equities/membership/fee_schedule/bzx/</a>, which provides additional rebates for executions
of liquidity-adding displayed orders in Tape B securities priced at
or above $1.00 per share for members that, in addition to other
requirements, quote at the NBBO during regular trading hours in a
specific number of securities designated as ``LMP Securities.''
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2. Statutory Basis
IEX believes that the proposed rule change is consistent with the
provisions of Section 6(b) \22\ of the Act in general, and furthers the
objectives of Sections 6(b)(4) \23\ of the Act, in particular, in that
it is designed to provide for the equitable allocation of reasonable
dues, fees and other charges among its Members and other persons using
its facilities. The Exchange believes that the proposed fee change is
reasonable, fair and equitable, and non-discriminatory.
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\22\ 15 U.S.C. 78f.
\23\ 15 U.S.C. 78f(b)(4).
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The Exchange operates in a highly competitive market in which
market participants can readily direct order flow to competing venues
if they deem fee levels at a particular venue to be excessive. IEX has
concluded that, in the context of current regulatory requirements
governing access fees and rebates, it is able to more effectively
compete with other exchanges for order flow by offering Members an
additional means of qualifying for higher rebate incentives. Based upon
informal discussions with market participants, IEX believes that
Members and other market participants may be more willing to send
displayed orders in ETPs to IEX if the proposed fee changes are
adopted.
As noted in the Purpose section, the proposed ETP quoting criteria
for qualifying for rebates in Tiers 3 and 4 are designed to increase
quoting competition and displayed liquidity, potentially narrowing
spreads in a targeted manner, which will benefit the Exchange and all
market participants. Accordingly, IEX has designed the proposed changes
to Tiers 3 and 4 to allow Members an additional way to qualify for
those particular rebate tiers on displayed liquidity-adding
transactions. As noted in the Purpose section, the proposed changes to
Tiers 3 and 4 are an expansion of the current criteria to qualify for
Displayed Liquidity Adding Rebate Tiers 3 and 4.
With these proposed changes, IEX's rebates are still designed to
attract and incentivize displayed orders as well as order flow seeking
to trade with such displayed orders. Moreover, increases in displayed
liquidity would contribute to the public price discovery process which
would benefit all market participants and protect investors and the
public interest.
As discussed above, the Exchange operates in a highly competitive
market in which market participants can readily direct order flow to
competing venues if they deem fee levels at a particular venue to be
excessive. Within that context, the proposed additional criteria for
qualifying for Tiers 3 and 4 are designed to keep IEX's displayed
trading prices competitive with those of other exchanges. The proposed
additional criteria for qualifying for rebates in Tiers 3 and 4 are
comparable to the criteria applied by competing exchanges, and thus IEX
does not believe that the proposal raises any new or novel issues not
already considered by the Commission in the context of other exchanges'
fees.\24\
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\24\ See supra notes 19 and 21.
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Additionally, IEX believes that the proposed formatting changes and
conforming edits to the Definitions and Information subheading in the
Transaction Fees section of the Fee Schedule, including consolidating
definitions currently found in the Transaction Fees and SMQ sections of
the Fee Schedule into the new Notes subheading of the Transaction Fees
section, are consistent with the Act because they will provide
additional clarity for Members on transaction fees, consistent with
Section 6(b)(1) \25\ of the Act. These proposed changes are designed to
reduce any potential confusion for market participants using IEX's Fee
Schedule and to provide clarity and consistency between the Fee
Schedule and the Rule Book. Further, IEX believes these changes would
contribute to reasonably ensuring that the requirements of the
Displayed Liquidity Adding Rebate Tiers and the SMQ Program, as well as
any other activity-based incentive or rebate described in the Fee
Schedule, are clear, accurate, and consistent with the Rule Book.
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\25\ 15 U.S.C. 78f(b)(1).
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B. Self-Regulatory Organization's Statement on Burden on Competition
IEX does not believe that the proposed rule change will result in
any burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act. The Exchange does not believe
that the proposed rule changes will impose any burden on intermarket
competition that is not necessary or appropriate in furtherance of the
purposes of the Act. The Exchange operates in a highly competitive
market in which market participants can readily favor competing venues
if fee schedules at other venues are viewed as more favorable.
Consequently, the Exchange believes that the degree to which IEX fees
could impose any burden on competition is extremely limited and does
not believe that such fees would burden competition between Members or
competing venues. Moreover, as noted in the Statutory Basis section,
the Exchange does not believe that the proposed changes raise any new
or novel issues not already considered by the Commission.
The Exchange does not believe that the proposed rule changes will
impose any burden on intramarket competition that is not necessary or
appropriate in furtherance of the purposes of the Act because, while
different rebates are assessed on Members, these rebate tiers are not
based on the type of Member entering the quotes, but rather on the
Member's own quoting activity. Further, the proposed rule changes
continue to be intended to encourage market participants to bring
increased order flow to the Exchange, which benefits all market
participants.
[[Page 52744]]
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
Written comments were neither solicited nor received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) \26\ of the Act.
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\26\ 15 U.S.C. 78s(b)(3)(A)(ii).
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At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings under
Section 19(b)(2)(B) \27\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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\27\ 15 U.S.C. 78s(b)(2)(B).
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IV. Solicitation of Comments
Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
<bullet> Use the Commission's internet comment form (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#5d2f283138703e3230303833292e1d2e383e733a322b"><span class="__cf_email__" data-cfemail="c0b2b5aca5eda3afadada5aeb4b380b3a5a3eea7afb6">[email protected]</span></a>. Please include
File Number SR-IEX-2025-26 on the subject line.
Paper Comments
<bullet> Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.
All submissions should refer to file number SR-IEX-2025-26. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>). Copies of the filing will be available for inspection and
copying at the principal office of the Exchange. Do not include
personal identifiable information in submissions; you should submit
only information that you wish to make available publicly. We may
redact in part or withhold entirely from publication submitted material
that is obscene or subject to copyright protection. All submissions
should refer to file number SR-IEX-2025-26 and should be submitted on
or before December 12, 2025.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\28\
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\28\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-20528 Filed 11-20-25; 8:45 am]
BILLING CODE 8011-01-P
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